MapmyIndia IPO opens on December 9, issue closes December 13

MapmyIndia IPO

MapmyIndia, India's leading map and navigation services provider, has decided to launch its initial public offering for subscription on December 9, 2021. The offer will close on December 13.

Founded in 1992, the company which is also known as CE Info Systems will disclose its IPO price band and lot size next week.

The maiden public offer of 1,00,63,945 equity shares is entirely an offer for sale by selling shareholders, including investor Qualcomm Asia Pacific Pte Ltd. Hence the company will not receive any funds from IPO as all the money will go to selling shareholders.

Individual selling shareholder Rashmi Verma will sell 42,51,044 equity shares, while Qualcomm Asia Pacific Pte Ltd will offload 27,01,407 equity shares, and Zenrin Co Ltd will sell 13,69,961 equity shares via offer for sale.

In addition, the remaining 17,41,533 equity shares will be sold by several other selling shareholders.

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CE Info Systems is a data and technology products and platforms company, offering proprietary digital maps as a service (MaaS), software as a service (SaaS) and platform as a service (PaaS). It is India's leading provider of advanced digital maps, geospatial software and location-based IoT technologies.

It provides products, platforms, application programming interfaces (APIs) and solutions across a range of digital map data, software and IoT for the Indian market under the (MapmyIndia) brand, and for the international market under the (Mappls) brand.

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As of September 2021, it had serviced over 2,000 enterprise customers including marquee and renowned global tech giants, new-age consumer internet technology companies, leading automotive manufacturers, large businesses across industry segments such as BFSI, telecom, FMCG, industrials, logistics and transportation, and key government organisations. Some of its customers include PhonePe, Flipkart, Yulu, HDFC Bank, Airtel, Hyundai, MG Motor, Avis, Safexpress and Goods and Service Tax Network (GSTN).

Investors PhonePe India, Zenrin, and Qualcomm held 19.15 percent, 8.78 percent, and 5.07 percent shareholding in the company respectively.

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CE Info Systems recorded profit of Rs 59.43 crore in the financial year FY21, increasing sharply from Rs 23.19 crore in previous year. Revenue during the same period rose to Rs 152.46 crore from Rs 148.63 crore YoY.

Profit in the six-month period ended September 2021 jumped to Rs 46.76 crore, compared to Rs 17.86 crore in same period last year. Revenue during the same period jumped to Rs 100.03 crore from Rs 55.18 crore YoY.

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The book running lead managers to the issue are Axis Capital, JM Financial, Kotak Mahindra Capital Company, and DAM Capital Advisors.